Member Info for ocelot

Naheedout,

Re the absence of an interview. It may be because, as Malcy indicates in his blog, is up in the North at present.

On AIM: about 27.0m. No trades on Aquis at present.

Already corrected, deltavegatheta. Well-spotted, all the same!

13. The Company, pursuant to regulation 41 of The Uncertificated Securities Regulations 2001, specifies

that only those ordinary shareholders registered in the register of members of the Company 48 hours

before the meeting, being 11 a.m. on 1 March 2024 shall be entitled to attend or vote at the meeting

in respect of the number of ordinary shares registered in their name at that time. Changes to entries

on the relevant register of securities after that time will be disregarded in determining the rights of any

person to attend or vote at the meeting.

"The Company has entered into a loan agreement with the Trustees to fund the subscription of the EBT Shares by the Trustees". (yesterday's RNS)

What are the terms of the loan agreement?

The Trustees are sitting on an immediate loss of about £75k. Has UKOG offered to indemnify the Trustees against any eventual loss?

Reminder that the key resolution at the adjourned GM is no.4, adoption of new articles, because it is a special resolution requiting a 75% vote in favour.

Re storage, reminder of this answer to an Investor Question asked on 01/08/23:

Thanks for the clarity in your last RNS, can you confirm what sort of annual revenue the storage could add to Angus’ income? Asked on 1 August 2023

The traditional estimate for assessing the income generating capability of a storage facility was to take the winter summer spread and apply it to the amount of gas capable of being injected/extracted on a seasonal basis. In this instance, Gazprom selected this field as it was/is the largest UK onshore gas field and they estimated between 700 and 800 million therms as working capacity. The next biggest onshore storage facility is less than half the size of this field.

Gazprom decided not to proceed with the project in 2012 because the seasonal spread, traditionally about 40p (2006-2010) shrank to almost 5p (2011-2014). Taking only 10p as the spread available to the Operator and the annual income generated on 750m therms would equal £75m.

However much has changed since 2019. Volatility has risen, with lows of 7p and highs of 455p and with very limited Russian supply to Europe there is every reason to believe that volatility will remain elevated and not necessarily predictable on a seasonal basis. Second there is growing interest in CCUS and H2 storage. H2 storage is likely to present similar economics to natural gas but CCUS is a very different economical proposition – a one-off disposal but at vastly higher prices per tonne.

The economics show great potential profit and at this stage all that Angus is seeking to preserve is some optionality for its shareholders over this income stream whilst advancing our engineering designs and consultations with stakeholders and initial permissions from planning bodies.

This is a very smart deal, as I said so at the time and it is good that has closed, Angus is now stable and with the repayment of the bridge loans and Forum and transfers to Trafigura leaves the remainder available to cover working capital at Saltfleetby and Brockham.

It also says, as below, that Angus is getting involved with Trafigura with regard to gas storage at Saltfleetby. This is something that is to be encouraged and could be a significant growth area for the long term at Saltfleetby.

https://www.malcysblog.com/2024/02/flash-blog-angus-energy/

Oh yes, they did! There's a difference between "discrete" and "discreet".

Have you read the RNS, bumdebum?

The Trustees are SUBSCRIBING to the new shares at their nominal value, a 30% premium to the closing price.

If UKOG can lend money to the Trustees, why can't the Trustees step into the market and buy the shares at the market price?

The new shares can't be issued at less than nominal value so, unless I am mistaken, they are being issued at a premium of 30% to the current market price.

Snap! deltavegatheta.

Not at all sure what to make of this.

The new shares are due to be admitted quickly, on or around the 27th, next Tuesday.

The effect is to reduce the weight of existing holders' votes.

Presumably, the Trustees will vote their 10% in favour of management's resolutions.

Isn't it the company that is lending to the Trustees?

Deltavegatheta.

That npv seems to date from the last set of annual accounts.

It's not HH that is valued at £800k but HH-1.

10% of the expanded capital at the share's nominal value.

Employee Benefit Trust Share Subscription ...

Page 55 of the last set of published annual accounts:

The Directors have determined that the net present value of the Horse Hill development to be £11.4 million, which takes into account drilling of additional wells in the field, and supports the value of intangible assets of Horse Hill.

Deltavegatheta,

That figure is for HH-1 only. If I remember right , the figure is over £10m for HH as a whole.

Yes. As you can see, a literal interpretation doesn't always apply.